An affiliate of HIG Capital (HIG), a global private equity investment firm with USD37 billion of equity capital under management, has invested, through convertible debt, into Modern Logistics, a Brazilian one-stop-shop full service logistics firm. Terms were not disclosed.Modern Logistics, the only firm of its kind in Brazil to have its own fully integrated air cargo operation dedicated to long distance, time-sensitive, and warehousing capabilities, was founded by former JetBlue VP and Co-founder of Azul airlines, Gerald Lee. The company is backed by DXA Investments, a private equity and venture capital investment firm.
Fernando Marques Oliveira, Managing Director and Head of HIG Brazil/Latin America, says: “This transaction confirms our commitment to the region. We are very excited to work alongside Gerald Lee and DXA Investments in taking Modern Logistics to the next level.”
“We are excited to have HIG participating in our future. Modern is transforming Brazil by creating the most efficient logistics network in the region,” says Gerald Lee, CEO and Founder of Modern Logistics.
Including this convertible debt issuance, Modern has raised UUSD65 million in funding from HIG and other investors. Modern expects to raise up to UUSD150 million, to be used for working capital needs for its expansion.
“Being able to secure this investment during this difficult time is outstanding. We congratulate Gerald and the team at Modern, who will continue to generate jobs, reduce distances and connect producers with customers in a country that lacks infrastructure,” says Oscar Decotelli, CEO and Founder of DXA Investments.
